The Lyttelton Times. FRIDAY, JANUARY 8, 1869.

Lyttelton Times, Volume XXXI, Issue 2501, 8 January 1869, Page 2

The Lyttelton Times. FRIDAY, JANUARY 8, 1869.

• WnEiT is slowly declining in value in all the great markets of the world. It is a singular fact that for the last ■ six months, with the exception of • Spain, abundant harvests seem to have i been the rule all over the world. In I Great Britain, Prance, Germany, i Russia, Turkey, the United States, Canada, and now in South Australia, the yield of wheat has been above an average. In some cases the harvest has been very abundant, notably in England and California. Since we last touched upon the subject, harvest operations have commenced in Australia, and a fair estimate may now be formed of the prospects in those colonies. The harvest in South Australia, which governs the market all over Australasia, is regarded as likely to equal that of 1866-7. Not that the average yield per acre will be as high, but, a greater acreage having been sown, the aggregate will be about the same, It is estimated that the forthcoming crop of wheat will yield from six millions and a-half to seven millionbushels. The quantity required for home consumption and seed is estimated at about two millions and a half. The balance, equal to from one hundred to one hundred and twenty thousand tons of flour, will have to be exported. Oi this, at least one half must be sent to England in default of a market nearer home. It will be seen from this that the price of wheat in London during the next year will virtually rule the price in this quarter of the world. It becomes, therefore, of greater interest to study the position and prospects of the London corn market. Fortunately there are ample opportunities of obtaining the very best and moßt reliable information on this subject. Independently of the fact that there are organs published for thepurposeof specially informing the members of the com trade, all the leading journals take pains to acquire and publish the most accurate information regarding the corn market generally. Month by month the weather is watched and reported upon as affecting the prospects of the coming harvest, and from the moment the seed is sown until the corn is reaped and thrashed out there is no lack of information regarding its state and proßpectß. In like manner, information is received and published from every quarter of the world where wheat iB grown for export, so that the London dealer is able to form a tolerably correct opinion of the quantities likely to be received from foreign ports during any current year, and, by estimating the requirements of the world, to make a fair guess at the probable range of prices during that period. In this way, the Times correspondent, writing immediately after last harvest, estimated that the price of the best white wheat would not fall much below sixty shillings a quarter before the next harvest. That his prophecy is likely to prove tolerably correct is shown by the fact that though the deliveries of wheat from the English farmers have been unusually heavy, and though foreign arrivals have also been on a large scale, the price of the best wheat is still rather over sixty shillings a quarter. But two or three circumstances of importance, likely to affect the calculations of the Times, have occurred since the article referred to was written. The author was unaware at that time that the harvest in California had proved so extraordinarily productive as to yield a surplus equal to 350,000 tons of flour available for export, still less could he have foreseen that the South Australian harvest was likely to add another 50,000 tons to this amount. Together, these represent two million quarters of wheat, a material quantity even in a European sense, and one that is likely to influence the range of prices there. Again, the autumn weather in Britain has been singularly favourable for sowing, and the young blade is described as looking healthy and vigorous. This, of course, must have a certain adverse influence upon prices. Against this has to be put the important fact that at the commencement of harvest, all old btocks of wheat had been entirely cleared out, and that as the harrest was unusually early, a larger quantity than usual will be required for consumption before the next crop becomes available for use. The first of these reasons will render any heavy fall impossible, for, as prices recede, speculators will take advantage of every drop to replace eihaustod stocks. Of the prospect of our own harvest, it is too early to speak in the absence of any definite information. Where so much depends upon the woather, every day affects the prospect one way or another. A month ago, the reports were satisfactory from all quarters. But the dry weather, and the heavy nor-weaters that have since occurred, have materially altered former prospects. Many of the crops on light lands are irretrievably ruined, while all will be somewhat light. On heavy lands where the wheat was sown in good time, the crops still look well, and, should the weather be propitious, the yield may still prove to be a fair average. Of future prices, wo cannot Bpeak with certainty. While wheat in Adelaide rules at four shillings, we fear it is idle to expect a higher price here. But it ought to pay the London shipper to give that, and, if so, good Bamplei ought not to fall lower. From the Australian market reports, we are glad to observe that there is likely to be a fair demand for oats and barley. Bhould this prove to be the case, it will help the farmer to put up with the disappointment of comparatively low prices for wheat, and it will be another proof that it is true wisdom

for the farmer to divide bis risks by varying the character of his crops.